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Posted on Jan 7, 2020

TAX LAW ANSWERS

New Trust Laws are Here - 2020!
Starting January 1, 2020 the new Trust Laws are implemented and apply to trusts executed in 2020 forward and, in some cases, to trusts executed before 2020. This post will outline some of the Mandatory Rules. Here are a few rules that cannot be overridden. 1) The Trustee must act in good faith and in accordance with the terms and purposes of the trust; 2) The power of the Court to modify or terminate a trust under certain circumstances; 3) Court's power to adjust compensation; and 4) Notify certain beneficiaries of, among other things, the existence of a trust.
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